North Carolina Down Payment Assistance Programs
Online Payments - These systems would be the Mortgage Credit Certificate and also the deposit Assistance System.
If you qualify for one of these plans and you buy a house between December 1, 2009 and January 1, 2009, you could also qualify for the $8,000 tax credit just enacted into law.
First, who's a First Time Home Buyer? There is a First Time Home Buyer someone who has not owned a house in the prior three years. It is the same qualifying definition.
What is a Mortgage Credit Certificate and Who Qualifies?
A Mortgage Credit Certificate (MCC) is a federal tax credit to assist home buyers with average and low incomes.
It is possible to claim 20% of the interest you pay as a credit on your federal income taxes if you qualify for the MCC. You can save up to $2,000 on your taxes.
If you do qualify for the MCC you will be able to combine this with the $8,000 tax credit. This could reduce the tax liability of a buyer's by $10,000.
Who qualifies for an MCC is based on your own income as well as the price of the property you're buying. Household income is defined as the “gross income of the mortgagor and every other man anticipated to live in the home who's 18 years of age or older.”
House price limits that apply in Durham Orange and Chatham Counties and the income are listed below.
MCC Income Limits 1 Man $61,500 2 Persons $61,500 3 Individuals $70,500 4 Individuals $70,500
MCC Sales Price Limitations New Home $220,000 Existing House $210,000
Who Qualifies for Down Payment Help?
The buyer just has to pay and the load would pay as much as .
This program has stricter income limits than the MCC program outlined above. Like the MCC program, it might be used in combination with the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The deposit help, nonetheless, can not be employed in conjunction with all the MCC. It is an either or scenario.
House price limitations that apply in Durham, Orange and Chatham Counties and the income are listed below.
Down Payment Assistance Income Limitations
1 Man $39,950 2 Individuals $45,650 3 Men $51,350 4 Individuals $57,050
Down Payment Support Sales Price Limits New Home $210,000 Existing Residence $210,000